Crisis in Australia

Sun (Auckland), Volume III, Issue 887, 3 February 1930, Page 9

Crisis in Australia

STATES MUST HAVE MONEY Premiers Discuss Difficulties COAL DISPUTE PROBLEM THE KEY

AT a conference to consider New South Wales, the St; said if the State could not ot essential works, serious retre The federal Prime Ministe problem of securing money £o United P.A.—By Telegraph—Copyright Reed. 10.15 a.m. SYDNEY, Today. A conference was held during the week-end between the Prime Minister Mr. J. H. Scullin, the Federal Treassurer, Mr. E. G. Theodore, Mj\ T. R Bavin, Premier of New South Wales and the State Treasurer, the Hon. B. S. O. Stevens, concerning the grave financial position of New South Wales which is due largely to the prolonged disastrous coal dispute, and the serious decline in wool prices. The discussions were held in pri vate. Mr. Bavin stated afterward that the State’s difficulty was in obtaining loan money for a continuance of public works. If money for this purpose could not be obtained, drastic retrenchment would have to be considered. Finality was not reached, how ever. The Prime Minister, he said, had emphasised the desirability of finding a. settlement of the coal dispute, as an incentive to investment in loan issues and the restoration of confidence in Australia. Mr. Scullin described the whole problem of obtaining finance for all States as very serious. The conference is not concluded. The Commonwealth Government has announced the terms of the conversion loan of £10,600,000. which is falling due on March 15. The terms

the grave financial position of ite Premier, Mr. T. R. Bavin, ttaiu loan money to carry out nchment must follow, r, Mr. J. H. Scullin, says the r all States was serious. I are 6 per cent, at par, with a currency of seven years. The National Debt Commission will provide out of the sinking fund £1,100,000, leaving £9,500,000 to be provided for. Holders of the 6 per cent, loan of £60,000,000 maturing on December 15 next will also have an o importunity to convert. MINERS TO RESUME POSITION ON COALFIELDS COSTLY STRIKE FIGHT Rec-d. 11 a.m. SYDNEY, Today. At a special meeting of the Millfield Great Miners’ Lodge, it was decided to resume work today, and throw off the authority of the South Maitland rank and file conference. The miners were withdrawn from this mine in December as a result of a meeting at which the Reds were in control. Mr. R. W. D. Weaver, Minister of Mines, expresses the opinion thatwhen peace is restored on the coalfields there will be at least 5,000 miners who cannot be absorbed into the industry again. It is estimated that unionists have contributed in levies, etc., to the idle miners on the northern coalfields since March, 1929, £1,300,000. Of that sum £500,000 was contributed by miners who have worked throughout the dispute. CUSTOMS RECEIPTS HEAVY DROP LAST MONTH Reed. 10.50 a.m. CANBERRA, Today. The Customs receipts fell off in every State of the Commonwealth last month. The total, £3,371,000, was more than a quarter of a million less than in January, 1929. The collections for the past seven months, however, amounting to £26,486,000, show an increase of £1,879,000 on a similar period of the preceding year.